Greg Jamison and his investment group did not buy the Phoenix Coyotes Wednesday, and they have just one more day to overcome continued obstacles to the sale.

There was optimism earlier this week that Jamison might purchase the Coyotes from the NHL and beat a Jan. 31 city of Glendale deadline for a $308 million arena deal. Officials around the team and Glendale were being told the sale would close.

That optimism has eroded. Still, after more than three years of trying to find a new owner, Jamison's group has one more day to get it done.

A couple theories are floating around regarding Jamison’s challenges as the Thursday deadline clock ticks.

Partners in peril

Officials here in Arizona say Jamison could have the money and financing to buy the NHL-owned Coyotes, or be very close to that mark. "From my understanding the problem is not the money," said one Phoenix-area official familiar with the bid and hockey team.

But Jamison, the former San Jose Sharks CEO, could be squabbling with investment partners on control of the team and decision-making. That would delay finalizing the purchase and could derail it even if the money is there.

The problem for Glendale is that if the structure of Jamison’s Coyotes group changes, the city council might have to vote on a new deal with an altered ownership effort.

The city will not comment on the last days of the latest Coyotes arena deal.

New Glendale Mayor Jerry Weiers and new council members, however, are not likely to craft yet another Coyotes deal that helps facilitate a sale via arena management payments and letting the Coyotes charge for parking on city-owned spaces next to Jobing.com Arena.

Coyotes team officials are either not sure of the situation or no commenting on its still-unclear status.

Show me the money?

There are also doubts remaining as to whether Jamison and his group have money and financing to buy the team from the NHL.

The league bought the team out of Chapter 11 bankruptcy for $140 million in 2009. The league has run the team since then and received arena management payments from Glendale. The league, on paper, has been asking $170 million from Coyotes suitors.

While some sources and officials familiar with the Coyotes deal say the money is there, others say Jamison has two-thirds of the needed cash. Others insist it is far less than that.

ESPN reported Thursday Jamison needs a last-minute infusion to get the deal done. Another local executive involved with pro sports machinations is more blunt.

“He’s not close,” said the executive, who asked not to be identified. Still, that executive did not rule out a last-second sale.

Jamison has been private about his partners and financing throughout his effort to buy the Coyotes and keep them in the Phoenix market. Principals from Ice Edge Holdings LLC have been working with Jamison, but further details about the ownership effort have not been publicly disclosed.

The NHL and commissioner Gary Bettman have blessed Jamison’s bid and fought in court and at Glendale City Hall to keep the Coyotes from moving.

There is the possibility the NHL could somehow step in to help close the Coyotes sale before the clock hits midnight Thursday.

That might include accepting a lower bid from Jamison, mediating squabbling within the ownership group and some creative financing or payment plans.What’s next?

If the time runs out on Jamison, that could then open the Coyotes ownership up to new bidders.

There could be groups that step forward to keep the team Glendale, or long-term in the Phoenix market at a new arena in downtown Phoenix or perhaps in Scottsdale on the Salt River Pima-Maricopa Indian Community land.

The Salt River tribe built a new spring training ballpark for the Arizona Diamondbacks and Colorado Rockies via money from its casinos. Could they do the same for the Coyotes?

US Airways Center in Phoenix is 20 years and old will likely soon need a remodeled or replaced. Could there be a new arena in the works long-term in downtown Phoenix?

Both those options, of course, would be problematic to Glendale and Jobing.com Arena.

Chicago Bulls and White Sox owner Jerry Reinsdorf has been in the Coyotes mix in the past but has not been willing to put up much cash toward the financially struggling team. One official in pro sports and hockey circles said Reinsdorf could come in with a low-ball $100 million offer to buy the team.

Bettman and Glendale have courted Reinsdorf before to buy the Coyotes and keep the team from moving.

Canadian businessman and Boston Pizza chain owner Jim Treliving’s name has also popped up in the past as a possible Coyotes suitor. Treliving’s son is a Coyotes executive and the elder has minor league hockey interests that actually have offices inside the Coyotes' Westgate headquarters.

But the conventional wisdom is that if a deal does not get done Thursday, the NHL will finally relent and look at a sale and relocation.

Bidders from the Quebec City, Seattle and perhaps other markets could then be in the mix.